As many of you know, in 2010 Congress passed the Dodd-Frank act to protect us from the evil financial empire…. Banks, credit unions, mortgage companies, retirement funds, etc. Thought you’d like to know just how things are going so far.
►Regulators have written 185 of the 400 rules;
►These 185 rules consume 5,320 pages;
►It will take private sector job-creators 24,035,801 hours EVERY YEAR to comply with these first 185 Dodd-Frank rules.
And of course congress will add more rules as they see fit.
“It will take over 24 million man hours PER YEAR to comply with Dodd-Frank rules per year. It took only 20 million total to build the Panama Canal,” said Rep. Neugebauer. “Banks and credit unions, retirement funds and other financial institutions will be forced to spend a large portion of their budgets trying to comply with Dodd-Frank rules rather than lending to small businesses and American consumers and investing in our economy. While the promised benefits of Dodd-Frank are still illusory, the costs are beginning to become crystal clear. And guess who gets to pay for that 24 million man hours? Yep, the consumer.